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Warning: Bought a boilerplate LLC operating agreement for $150 and it was missing 3 key clauses
I got this template from one of those legal websites last month. Thought I was being smart and saving money on a lawyer. Turned out the thing didn't have any language about adding new members or what happens if someone wants out. My business partner and I are now fighting over how to split things if he moves out of state. Found out the hard way when I showed it to a real lawyer friend over coffee. He pointed out the gaps in like 5 minutes. Has anyone else gotten burned by these cheap template services?
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the_alice9d ago
500 dollars for my last headache from a legal template site, and I got the same problem as you @henryt18 mentioned. My operating agreement had nothing about how to handle a partner leaving or selling their shares. I had to pay a real lawyer 800 dollars to fix it, and he said half of what he did was just adding clauses the template left out. These cheap services make you think you're getting a deal, but they're really just selling you a problem down the road. My advice to anyone reading is to spend the extra money upfront on a proper lawyer, because fighting with a partner over missing language costs way more than the legal fee. It's a hard lesson I wish I hadn't learned.
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henryt189d ago
Damn, that sucks. I feel your pain on that one. Cheap templates just aren't worth the headache when they miss big stuff like that.
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